{"F": {"ts_code": "301668.SZ", "name": "昊创瑞通", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电网设备", "sw3": "配电设备", "ind": "电网设备", "fin_source": "tushare", "market": "创业板", "list_date": "20250926", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 34.8, "pe_ttm": 51.1266, "pb": 3.6967, "dv_ttm": 1.4368, "total_mv": 382800.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [28.6, 29.7, 25.7, 27.6, 25.7, 24.6], "rev_series": [null, null, 5.6, 6.7, 8.7, 9.0], "np_series": [null, null, 0.7, 0.9, 1.1, 1.1], "roe_series": [33.6, 38.6, 34.7, 31.4, 29.3, 14.6], "period": "20260630", "rev_ttm": 9.1, "np_ttm": 0.7, "ocf_ttm": 1.8, "fcf_ttm": 1.4, "fcf_yield": 3.8, "ocf_yield": 4.6, "gm_median": 25.7, "gm_std": 1.8, "gm_stab": 0.93, "gm_chg_2022": -2.9, "npm_median": 12.8, "roe_median": 31.4, "commodity": false, "hard_ratio": 3.2, "fix_assets": 0.5, "goodwill_ratio": 0.0, "pb_calc": 3.7, "capex_dep": 7.48, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 27.4, "debt_mv": 0.1, "payout": 42.4, "div_years": 1, "rev_cagr3": 16.9, "np_cagr3": 15.2, "rev_yoy": 2.8, "np_yoy": -48.9, "np_vol": 18.4, "loss_years": 0, "far_share": 90.0, "earn_yield": 2.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 40.0], ["智能环网柜（箱）", 17.0], ["智能环网柜", 17.0], ["智能柱上开关", 13.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": -26.8, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.2, "ret_60": 2.6, "ret_120": -37.4, "ret_250": null, "mdd_250": -57.2, "vol_250": 55.0, "pos_52w": 50.6}, "S": {"duration": 72, "pricing": 51, "hard": 5, "bondness": 27}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 51.1 倍、股息率 1.4%、毛利率近 5 年中位 25.7%、固定资产占比 3%、有息负债/EBITDA 0.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 3%,毛利率近 5 年中位 25.7%。", "加息期怎么走": "按行业与估值常规看,没有明确的利率方向性。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 3.8%(经营现金流/市值 4.6%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 25.7%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -2.9 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 3%,资本开支/折旧 7.48 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 51.1 倍 粗算,约 90%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "行业对照": ["同申万二级「电网设备」141 家中位:PE 43.5 / 股息率 1.0% / 毛利率 23.5% / 固定资产占比 15% / 分红率 40%。", "昊创瑞通:PE 比行业中位高 7.6倍;股息率 比行业中位高 0.4个百分点;毛利率 比行业中位高 2.2个百分点;固定资产占比 比行业中位低 11.7个百分点。"]}}